Stone Fort National Bank of Nacogdoches v. Citizens State Bank of Corrigan

OPINION

DIES, Chief Justice.

James Willson Enterprises, Inc., is a corporation owned entirely by its president, James Willson. The corporation was involved in the business of buying and selling heavy equipment, and also used heavy equipment on a contract basis. The corporation financed its inventory with the appellant bank (Stone Fort) and with the appel-lee bank (Citizens). In return for a $550,-000.00 loan with Stone Fort Bank, the corporation executed a security agreement which granted Stone Fort a security interest in “all inventory”, including after-acquired inventory. Stone Fort perfected…